The Great Debate

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The knives are out in Donald Rumsfeld’s new memoir, Known and Unknown. In defense of his long public service career and the war in Iraq and Afghanistan, the man who was both the youngest and oldest Defense Secretary clearly believes that a good offense is the best strategy.

from Global Investing:

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If anyone needed a reminder that Christmas and NewYear holidays are almost here, Societe Generale has provided it. Analyst Dylan Grice has picked up the mantle of the departed James Montier to offer a seasonal reading list for those with a fixation about investment and economics.

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Both Goldman Sachs and Morgan Stanley reduced the size of their commodity trading books during the third quarter, according to their latest filings on Form Y-9C (“Consolidated Financial Statements for Bank Holding Companies“):
While the gross fair value of physical commodity inventories held on their balance sheets rose — sharply in Goldman’s case — the gross fair value of the commodity contracts was down.